HP Sends Letter to Xerox – Bid Still Undervalues HP

PALO ALTO, Calif., Jan. 08, 2020 (GLOBE NEWSWIRE) — HP Inc. (NYSE: HPQ) today announced that HP has sent a letter to Xerox Holdings Corporation in response to Xerox’s January 6, 2020, letter.

The full text of HP’s letter is below:

January 8, 2020

John Visentin
Vice Chairman and CEO
Xerox Holdings Corporation
201 Merritt 7 Norwalk, CT 06851-1056

CC: Keith Cozza, Chairman of Xerox Holdings Corporation; President and Chief Executive Officer, Icahn Enterprises L.P.

Dear John,

We reiterate that the HP Board of Directors’ focus is on driving sustainable long-term value for HP shareholders. Your letter dated January 6, 2020 regarding financing does not address the key issue – that Xerox’s proposal significantly undervalues HP – and is not a basis for discussion. The HP Board of Directors remains committed to advancing the best interests of all HP shareholders and to pursuing the most value-creating opportunities.

On behalf of the Board of Directors,

[Signature] [Signature]
Enrique Lores Chip Bergh
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